Driehaus Capital Management 13F: Cuts LITE Stake by $97M

Driehaus Capital Scales Back on Optical Technology

Driehaus Capital Management reduced its stake in Lumentum Holdings Inc. (NASDAQ: LITE) by 32.85% during the first half of the year. According to the institutional investor's latest Form 13F filing with the SEC for the period ending May 15, 2026, the fund sold 112,053 shares of the optical and photonic product manufacturer. This filing reflects the fund's portfolio holdings as of mid-May and does not show more recent trading decisions.

Driehaus Capital is known for its active, growth-style investing. The firm frequently adjusts its technology and healthcare holdings to manage risk and lock in gains. The fund's recent activity shows a mix of strategic pruning and targeted additions across its portfolio. On the same day it reported the Lumentum sale, the fund trimmed its holdings in Scholar Rock Holding Corporation by 32,644 shares and cut its stake in Kymera Therapeutics by 2.4%. Conversely, the firm established a brand-new position in Tower Semiconductor, purchasing 326,103 shares, showing its willingness to rotate capital within the broader semiconductor and optical space.

Position Details and Share Count

Following the transaction, Driehaus Capital Management retained 228,995 shares of Lumentum Holdings, down from its previous position of 341,048 shares. The remaining position was valued at approximately $197.83 million at the end of the reporting period. The fund acquired these shares at an estimated cost basis of $68.19 per share, meaning the manager likely realized substantial gains on the portion of the position it liquidated.

Lumentum Stock Performance

Shares of Lumentum closed at $863.92 on Saturday, trading well above their 200-day moving average of $772.72. The stock has experienced a volatile but highly rewarding year for long-term investors, trading in a 52-week range of $152.54 to $1,143.00. At its current price, Lumentum has a market capitalization of $78.77 billion. The company does not currently have a meaningful P/E ratio because it has not been profitable over the trailing twelve months, but it trades at a forward P/E ratio of 24.14 based on projected future earnings.

Recent Earnings and Financial Health

For its most recent financial periods, Lumentum reported annual revenue of $3.01 billion, showing revenue growth of 1.09%. However, profitability remains a challenge as the company transitions its product lines to capture more artificial intelligence and machine learning business. The company posted a net margin of -2.30% and a return on equity of -2.40%. Its loss per share stands at -$92.96. On the balance sheet, Lumentum maintains a current ratio of 1.68 and a debt-to-equity ratio of 35.99, indicating a stable liquidity position. The company will report its next quarterly financial results on November 5, 2026.

Analysts Set New Price Targets

Despite the trim by Driehaus Capital, Wall Street analysts have grown increasingly positive on Lumentum's prospects in the optical networking market. On October 5, 2026, Rosenblatt maintained its buy rating on the stock with a $1,300.00 price target. On the same day, Stifel kept its buy rating and raised its price target from $1,100.00 to $1,232.00. Bernstein initiated coverage on September 30, 2026, with an outperform rating and a target of $1,220.00. Citigroup also boosted its price target from $1,200.00 to $1,400.00 on September 28, 2026, while keeping a buy rating.

Earlier in the fall, Deutsche Bank initiated coverage on September 1, 2026, with a buy rating and a $1,200.00 price target, and Evercore ISI Group started coverage on August 31, 2026, with an outperform rating and an $1,100.00 target. Morgan Stanley also raised its price target to $1,000.00 while keeping an equal-weight rating on August 12, 2026. Out of 26 analyst opinions, the stock has a strong buy consensus rating with a mean price target of $1,179.07.

About Lumentum Holdings

Lumentum Holdings Inc. manufactures optical and photonic products used in telecommunications, cloud data centers, and industrial applications. The San Jose, California-based company is a key supplier of optical transceiver components and semiconductor lasers that power artificial intelligence networks. As data centers upgrade to handle massive AI workloads, Lumentum's optical switches and fiber lasers are seeing increased demand.

What's Ahead for Lumentum Holdings Inc.

Investors will want to watch Lumentum's upcoming earnings report on November 5, 2026, to see if the company can turn its strong revenue growth into positive net income. Future Form 13F filings from Driehaus Capital and other institutional managers will also reveal whether the fund continues to scale back its exposure to high-growth optical hardware stocks or if it has stabilized its position.